Second Wave of Foreclosure Hits South Florida

Many residents in South Florida are confronting a new wave of foreclosure consequences as banks attempt to secure unpaid mortgage debts from foreclosed homes that were lost years ago. Beginning June 1st nearly 110 alleged deficiency judgments were filed by Dyck O’neal, a Texas-based collection company, in Palm Beach County, 200 in Miami-Dade County, and 300 in Broward County. It is believed that because the deadline changed from 5 years, in order for banks to file a deficiency judgment, to one year this has triggered the hasty lawsuits.

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Southwest Florida Bankruptcy Filings have Lowered Tremendously

A couple of years after the recession, the rate of consumers and businesses filing for bankruptcy have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditor in the last year – this is about half of the bankruptcy filings in 2010. Unfortunately, it is still 500 more bankruptcies filed then when the economy crash in 2007.

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New Law Increases Foreclosures in Palm Beach County

July 2014 marks the one year anniversary of Florida’s “Fair Foreclosure Act”. The Florida Legislature passed this law requiring, among other things, the plaintiff to confirm in their foreclosure complaint that they are in possession of all the necessary documents to support their case against the defendant. The law, also referred to as the “Speedy Foreclosure Act” went in to effect on July 1, 2013.

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Southwest Florida Bankruptcy Filings Down Substantially

A few years after the peak of the recession, the rate of consumers and businesses filing for bankruptcy have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditor in the last year – this is about half of the bankruptcy filings in 2010. Unfortunately, it is still 500 more bankruptcies filed than when the economy crashed in 2007.

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Bank of America’s $17 Billion Settlement.

Officials intimately close to the case have stated that Bank of America has come to a record breaking $17 Billion settlement to conclude the investigation in the role of selling the mortgage-backed securities prior to the 2008 financial fiasco. An official, who requested to stay anonymous, stated that Bank of America will come forward with $7 billion in consumer relief and $10 billion in cash.

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Any information on this website is not intended to be communicated as legal advice. All information contained on this site is general and intended for information purposes only. For detailed legal advice regarding your loan modification, foreclosure, and/or bankruptcy needs, please schedule an appointment with the attorney. The Law Office of Emil Fleysher, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.